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Markets in Red: Sensex Down 674.36 Pts to 27,590.95, Nifty Over 8k

After trading for majority of the session in a range, both benchmark indices ended near the lowest point of the day.

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After trading for majority of the session in a range, both benchmark indices ended near the lowest point of the day.

On Friday, 3 April, the Sensex slumped 674.36 points to end at 27,590.95; while Nifty was dropped by 170 points to 8,083.80.

Market breadth fluctuated between gainers and losers, but ended in favour of the advances. 961 stocks ended with gains while 816 posted losses for the day.

Meanwhile, the rupee settled 53 paise lower at 76.13 (provisional) against the US dollar on Friday, amid a significant rise in coronavirus cases in the country and weak domestic equities.

Forex traders said heavy selling in domestic equities dragged the local unit amid mounting fears of a coronavirus-led economic slowdown.

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Moreover, strengthening of the American currency in the international market also weighed on the domestic currency.

At the interbank foreign exchange market, the rupee opened at 75.97. During the day, it lost further ground and finally settled at 76.13, down 53 paise over its previous close.

The rupee had settled at 75.60 against the greenback on Tuesday.

Forex markets in India were closed on Wednesday for the annual closing of banks and on Thursday on account of Ram Navami.

On a weekly basis, the currency has depreciated by 124 paise.

"Rupee remained under pressure following broad strength in the dollar and as FIIs continue to remain net sellers in the equity and debt segment," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.

Somaiyaa further said that "from the US, market participants will be keeping an eye on non-farm payrolls data and a weaker-than-expected economic number could keep gains capped for the currency."

Earlier on Friday, Sensex dropped 375.34 points to 27,889.97 in the opening session, while Nifty tumbled 105.35 points to 8,148.45.

According to BloombergQuint, Indian equity markets gave up gains in the initial minutes of trade to turn negative, tracking weakness in the Dow Futures and in Asian equities.

All sectoral indices barring the FMCG index (up 1 percent) opened with losses, led by the Nifty Bank which opened with cuts of 2.3 percent.

(With inputs from PTI and BloombergQuint.)

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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Topics:  Sensex   Nifty 

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